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Getbig Main Boards => General Topics => Topic started by: G_Thang on February 12, 2013, 09:49:44 PM
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Fucking $26M in guranteed money equals $13M take home, and he was still in financial DEBT while he was playing, couldnt wait till retirement to go broke. ::) YOU DON'T NEED A FUCKING LOAN WHEN YOU HAVE $13M IN HAND! FUCKING $300,000 PARTY!
Did Vince Young take out a loan for a $300,000 party? A former adviser says yes
The sports world is rife with tales of fiscal mismanagement, but this might just set a new mark: a former financial adviser for Vince Young testfied that the former quarterback took out a seven-figure, high-interest loan during the 2011 lockout in part because Young wanted to throw a $300,000 birthday party for himself.
The revelation came amid depositions for a case in which Young is challenging a $1.7 million judgment against him by Pro Player Funding LLC. Pro Player is a boutique lender which specializes in lending to professional athletes. Young had borrowed $1.9 million at 20 percent interest in May 2011.
According to Ronnie Peoples, president and CEO of Peoples Financial Service, Young had already paid for the party and sought the loan from Pro Player, with Peoples' assistance. However, Young's attorney, Trey Dolezal, said Peoples' recollections were inaccurate or incorrect. "I have no idea what he's talking about with the birthday party," Dolezal told the AP, "and neither does Vince."
At issue are documents that Young signed; Peoples said the documents were loan closure instruments, whereas Dolezal said they were banking instruments. Young is one of many athletes who took out high-interest loans to tide themselves over during the lockout. As Yahoo! Sports reported in 2011, many lending agencies offered loans to players at interest rates ranging from 18 to 24 percent, with default rates as high as 36 percent.
The problem for Young, Peoples testified, is that the quarterback had erratic and unpredictable expenses. "It's almost like I can have a $30,000 [monthly] budget that I know we had to pay here," he testified, "but then, you know, I get an invoice for a Ferrari that he just bought for $176,000, and they want their money."
Young has not played professional football since being cut by the Buffalo Bills before last season, and as Shutdown Corner noted in September, his financial problems have been persistent. In a related suit, Young has charged that Peoples and his former agent misappropriated $5.5 million. He has also filed suit against Pro Player, calling it "a predatory lender with a history of loaning funds to football players on extraordinarily onerous terms."
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That's a lot of expensive cheap champaign and skrip club whores he made it rain on
Serves him right he will be eating 25 noodle cent soup 5x a week the rest of his life
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Idiot.
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I read that he once bought all teh tickets in an airplane because he wanted to fly alone and not be bothered...WOW!..he;'s absolutely nuts!..he thought the money would last forever.....
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Tip of the day: You know how rich people say rich? They never used their own money.
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pro athlete going broke.. man I never saw this coming..
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he should have listened to herm edwards, instead of 10 cars get 1 car etc etc.....